Office Building with Private
For Sale
$1,865,000
1203 W Ridgeway Avenue, Waterloo, IA 50701
Flexible layout includes a boardroom, work areas, and a separate suite for adaptable occupancy.
Property Size20,672 SF
Lot Size0.78 Acres
Price / SF$90.22
Days on Market117
Property Features for 1203 W Ridgeway Avenue
General Information
Standard status
Active
Size
20,672 SF
Lot size
0.78 Acres
Property subtype
Commercial
Zoning
R-4
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$44,758
Building Details
Building Size
20,672 SF
Year Built
2000
Buildings
1
Listing Agency:
AWRE - Commercial & Development
(319) 239-4446
Listed By:
Phillip Shirk · License #B63101000
(319) 239-4446
Source:
Sweeneyrealestate
Added: Apr 22
Changed: Aug 14
Last Checked: Aug 15 at 2:04PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of AWRE - Commercial & Development
Investment Insights
Based on property information with market context.
This office property at 1203 W Ridgeway Avenue includes multiple private offices, a dedicated boardroom, and flexible work areas arranged for professional operations. The configuration can support either a single occupant or multiple tenants, with a separate approximately 2,000-square-foot suite positioned on the east side of the building. The property was built in 2000 and sits on 0.78 acres. R-4 zoning applies to the site. Its position along W Ridgeway Avenue provides a defined street presence, while on-site parking accommodates employees and clients.
Key Highlights
- 10,336‑square‑foot office building on 0.78 acres
- Separate ±2,000‑square‑foot east‑side suite
- Multiple private offices, boardroom, and flexible work areas
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$135,383
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.26%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,707,660
$2.7M
Cap Rate 7%
$1,934,043
$1.9M
Cap Rate 9%
$1,504,256
$1.5M
Market Conditions
NOI Build-Up for 20,672 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$238.1K $11.52/SF
− Vacancy
−$57.6K −$2.79/SF
EGI
$180.5K $8.73/SF
− OpEx
−$45.1K −$2.18/SF
NOI
$135.4K $6.55/SF
Area
Black Hawk County, IA
Vacancy
24.20%
Lease Rate
$11.52 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,707,660
Cap Rate 7%
$1,934,043
Cap Rate 9%
$1,504,256
Alternative Uses
Best Use
Office B
$1.93M
$1.69M – $2.26M
NOI $135,383 @ 7.0% cap · market cap 7.26%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$25.91M
$22.67M – $30.23M
NOI $1,813,968 @ 7.0% cap · market cap 97.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
426
Businesses Nearby
Explore this area
Business Placement
Demographics for 50701, IA
29,806
Population
14,530
Households
2.1
Avg Household Size
39
Median Age
30%
College-Educated
95%
High-School Grad
79.1 sq mi
ZIP Area
377
Density / Sq Mi
$62,857
Median Household Income
$41,464
Median Earnings
$846
Median Rent
$183,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Flexible layout includes a boardroom, work areas, and a separate suite for adaptable occupancy.
Where is this office building located?
The property is located at 1203 W Ridgeway Avenue Waterloo, IA.
What is the asking price?
The asking price for this property is $1,865,000.
What are key features of this property?
This property features: 10,336‑square‑foot office building on 0.78 acres; Separate ±2,000‑square‑foot east‑side suite; Multiple private offices, boardroom, and flexible work areas
